New Delhi, November 5 (Language) Reliance Industries Limited and its UK partner BP PLC have again adopted ‘Oil Indexation’ to decide the price of KG gas. This will help in taking advantage of the rise in crude oil.
Under oil indexation, the price of gas is linked to the price of crude oil. KG Basin is the largest gas field operated by the private sector in India.
Reliance and BP have invited bids from buyers for 40 lakh standard cubic meters per day of gas from the KG-D6 block in the Bay of Bengal from December 1, 2023, in a tender.
As per the tender document, the company wants users to quote the price as per the price of Brent crude oil. The company had sold gas as per the international gas benchmark JKM in May this year.
Bhasha Pandey Ajay